Wearable Sensor Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017-2025
Wearable sensors are the devices that collect information about biological and physical properties of body and environment by the sensors present in wearable devices. This information is utilized further to measure the output information of body. Sensors are implemented in wearable devices to track environmental activities, such as temperature and weather information and to track fitness and health activities, such as body temperature, heart rate, stress level, heart pressure, blood pressure, movements, speed, and local temperature. Wearable sensors are used in devices, such as a smart-watch, smart shoes, body-wear, fitness watch, glasses, virtual reality headsets, sleep masks, and jewelry.
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Technological advancement in sensing devices and introduction of key players into the market is expected to boost the growth of Wearable Sensors Market
The sensors device processes according to the surrounding environment and it is implemented on the wearable device to monitor body activities, which include, heart rate, body temperature, and blood pressure. Wearable sensors market is expected to show a significant growth over the forecast period, owing to the demand for wearable sensor devices in various applications such as healthcare, lifestyle, fitness, and security. Moreover, recent advancements in telecommunication, data analysis, sensor manufacturing, and microelectronics are providing opportunities for adoption of wearable sensors in the digital health environment. Additionally, in the healthcare industry, wearable sensors are used for monitoring patient’s conditions. These devices are also used in sports, military, and entertainment. For instance, Apple watch is a wearable device, which includes microphone, accelerometer, and a pulse sensor. Wearable sensors are integrated into garments, watches, eye-glasses, and smartphones, which is fueling the growth of the wearable sensor market.
Decreasing cost, attractive accessories, and integration with consumer electronic devices are the key factors for boosting the growth of global wearable device market. Additionally, introduction of key players in market such as Google, Amazon, Facebook, Apple, Microsoft, smartphone penetration in sensor technology, the high occurrence of chronic disease related to blood pressure and heart rate, geriatric population with cardiac and neurological disorders, fitness awareness, and reduced digital health-cost are anticipated to significantly drive the growth of global wearable sensors market.
Strong competition between manufacturers and safety concerns restrict the market growth
However, low consumer awareness and safety concerns for security data is a major restraint for growth of wearable sensor market. Moreover, lack of clarity for health communication protocol using wearable device and interoperability issues is expected to hinder the growth of market. Due to low-cost alternatives, intense competition is faced by key manufacturers, which is another factor hindering the growth of global wearable sensors market growth.
Geographically, the wearable sensor market is segmented into North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
Health consciousness for fitness and advancement in technologies to make North America a global leader in Wearable Sensor Market
North America is leading the global wearable sensors market and is expected to maintain its leading position during the forecast period. Adoption of innovative technologies and raising awareness for health and fitness in this region is expected to make North America a global leader in wearable sensors market. The favorable Food and Drug Administration (FDA) approval in sensor technologies makes wearable sensors market industry lucrative in North America. Europe is the second largest region for wearable sensors market. Europe is expected to lead wearable sensors market in near future, owing to high demand for wearable devices.
Asia Pacific region is anticipated to lead global market during the forecast period. Favorable reimbursement policies and advanced low-cost sensor systems are fueling the growth of wearable sensor market in Asia Pacific region.
Strategies of merger-acquisition by key players to expand the market growth
The major key players operating global wearable sensor market include Google, Panasonic Corporation, Freescale Semiconductor, Fossil Groups, InvenSense, Facebook, Amazon, Apple, Microsoft, Infineon Technologies AG, ST Microelectronics, and Analog Devices, Inc. These players are focused on developing business through strategies of merging-acquisition and product development to enhance the global growth. For instance, Facebook acquired Basis Science in March 2015, which specializes wearable sensor technology in wrist-watches. Moreover, Fossil Groups acquired Misfit in November 2015, to enhance their growth in global market.
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